North Carolina Entrepreneur Secures Financing to Buy Sonic Drive-In Franchise

Need money to invest in a Sonic Drive-In franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Sonic Drive-In franchise is doable. In 2004, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Smithfield, North Carolina. Because Sonic Drive-In was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

SONIC DRIVE IN
SMITHFIELD, NC 27577

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/23/2004

Loan Approval Gross Amount

$1,280,000

Loan Approval from the SBA

Of the total $1,280,000 loan amount, the SBA guaranteed $960,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sonic Drive-In franchise. At the time of the loan, the company had 64 employees. The loan application indicated that the loan would help retain 64 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Smithfield NC, you ought to talk with a local Smithfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Smithfield businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $1,280,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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